Sovereign Trust Insurance Policyholders Get N3.7bn Claims

Policyholders who suffered risks on their insurances were able to get a cumulative N3.7million claims from Sovereign Trust Insurance(STI) Plc in its 2021 financial year.

This, the company said, was to affirm its commitment and capacity to honour all genuine claims as and when due.

Similarly, the company recorded a modest financial performance in the year under review as its negative Retained Earnings improved by 72 per cent from N829million in 2020 to N236million in 2021.

The size and quality of its balance sheet equally improved as its total assets increased from N14.8billion to N16.3billion representing 11 per cent growth while shareholders Fund increased by 11 per cent from N8.6billion in 2020 to N9.6billion in 2021.

It equally recorded gross premium written (GPW) of N12.7 billion over N11.1billion recorded in 2020, representing a 14.4 per cent increase, even as its net premium income equally grew by 11.2 per cent from N6.5 billion in 2020 to N7.2billion in 2021.

In the same vein, the company achieved profit after tax of N974 million as against N687million recorded in year 2020 representing an increase of 42 within the period under review.

The profit before tax equally increased from N796 million in 2020 to N885million in the year 2021 representing an 11 per cent growth rate.

Earnings per share improved by 42 kobo from 8 kobo in year 2020 to 11.34kobo in 2021.

Speaking on this development, the managing director and chief executive officer of the company, Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the drivers of the organisation coupled with the fact, that the company’s management is also dedicated to ensuring that the company takes its place of pride in the industry.

According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.”

Similarly, the head of Corporate Communications and Investor Relations for the organisation, Segun Bankole, said, his company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in year 2021.

He said, there is every reason to be appreciative to all the shareholders and customers of the firm who had shown great level of commitment and patronage to the company since inception 27 years ago.